Casino Banking in PayPal and Bitcoin – A Comparison

Making deposits and withdrawing payouts has become easier than ever before. Online gamers have a variety of safe and reliable payment options to choose available in a multiple currencies. Players can conveniently handle banking using a number of international and local methods. With so many options, which ones make the most sense? Let’s take a look at two of the increasingly popular banking options at online casino sites, Bitcoin and PayPal, to find out which make the most sense for players.

So how does it work?

PayPal serves as the middleman between you and the casino. You add money to PayPal from your bank account. Typically, the money will enter your PayPal account instantly. You can then transfer the money from PayPal and send it to the casino in order to make a deposit or vice versa. In this way, you never actually have to share your banking information with the casino.

Advantages

You don’t have to share your bank account information with the gambling site.

PayPal has a good reputation and has partnerships with big credit card services like MasterCard.

PayPal imposes strict security protocols. The company will block any online casino that violates those terms.

Disadvantages

Not as many casinos accept PayPal.

Sometimes hackers can break into PayPal accounts.

Bitcoin Casino Banking

Bitcoin has become one of the latest ‘hot’ new trends in online casino gaming. While not everyone has warmed up to this futuristic currency, Bitcoin has many advantages. Slowly, but surely online casinos have started to accept this digital currency as a form of payment. Casino sites that accept Bitcoin include NetBet and Casino.com.

How does it work?

They call it a cryptocurrency. Bitcoin is a peer-to-peer digital payment system in which transactions take place directly between users with no middle man or central repository. In order to use Bitcoin at the online casino, you may need to also set up a compatible e-wallet like Bitcoin Core or BitGo in order to transfers funds.

Advantages

Bitcoin offers cheap, quick transactions.

You don’t have to share your banking information with the casino.

As a cryptocurrency, you don’t run the risk of hackers stealing your financial information.

Disadvantages

Not many online casinos accept Bitcoin.

Bitcoin is still a new type of currency, and the future is uncertain.

Online casinos may require players to set up a Bitcoin e-wallet.

Whether you prefer Bitcoin or PayPal, you really don’t have to choose between the two. You can try out both to find out which work best for you. Check if the online casino has banking bonuses for either PayPal or Bitcoin to see if you can get some extra playing money. Most importantly, make sure you keep your head in the game and do you best when it comes to playing (and winning) online casino games without losing too much.